Seanergy reports Q3 results
(Posted on 11/11/19)
Seanergy Maritime Holdings Corp. has announced its financial results for the third quarter and nine months ended 30 September, 2019.
Seanergy is the only pure-play Capesize shipping company listed in the US capital markets and provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years.
For the quarter ended 30 September, 2019, the Company generated net revenues of $24.0 million, representing a 9% decrease compared to the corresponding quarter of 2018. This decrease is attributed to a 21% reduction in operating days mainly due to the dry-dockings of three vessels during the third quarter of 2019 and the sale of our two Supramax vessels in the fourth quarter of 2018. The Time Charter Equivalent (TCE)1 earned during the third quarter of 2019 was $20,143[1], increased by 19% from $16,914 in the third quarter of 2018. Seanergy recorded Net Income of $0.7 million compared to a net loss of $5.6 million in the same quarter of 2018, marking a profitable quarter despite the increased down-time due to the heavy dry-docking schedule.
For the nine-month period ended September 30, 2019 net revenues amounted to $58.7 million, a 9% decrease compared to $64.5 million in the same period in 2018. The decrease is attributable to a 14% reduction in operating days due to four dry-docking surveys taking place in 2019 and the sale of the two Supramax vessels in 2018. The Time Charter Equivalent (TCE)1 earned during the first nine months of 2019 was $12,004, representing a 4% decrease from $12,497 in the same period of 2018. The average daily OPEX of the fleet for the nine-month period of 2019 was $5,032, marginally improved from $5,087 in the respective period of 2018.
Cash and cash-equivalents, including restricted cash as of September 30, 2019 stood at $15.4 million, which is an increase from $7.4 million as of December 31, 2018. Shareholders’ equity at the end of the third quarter of 2019 was $26.6 million compared to $21.3 million at the end of the fourth quarter of 2018.
Latest News
ClassNK releases ‘Prime Shipmanagement Guidelines’
(Posted on 01/05/25)ClassNK has released ‘Prime Shipmanagement Guidelines’ which aim to achieve sustainable... Read more
MCTC ensures quality remains at top of the table amid global tensions
(Posted on 30/04/25)In the face of unpredictable provisioning costs, port disruptions, and longer lead times MCTC has reinforced... Read more
NORDEN raises full-year guidance for 2025
(Posted on 28/04/25)On the back of the increased gains from sales of vessels and good operational performance, NORDEN, a... Read more
INTERCARGO welcomes ILO recognition of seafarers as key workers
(Posted on 28/04/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has welcomed the recent decision... Read more
MMS advises why seafarers must remain vigilant about malaria
(Posted on 25/04/25)Despite its lack of publicity, malaria remains an ongoing epidemic and a perilous threat to seafarers... Read more
Veson: Bulker S&P activity falls sharply in Q1 2025
(Posted on 22/04/25)Due to market uncertainty, overall sale and purchase levels for Bulkers have fallen year on year, with... Read more
Britannia Group announces CEO succession plan
(Posted on 22/04/25)The Britannia Group, a leading P&I insurer, has announced that its Chief Executive, Andrew Cutler... Read more
INTERCARGO responds to IMO's decision on GHG reduction measures
(Posted on 15/04/25)At last week's landmark MEPC 83 meeting, the International Maritime Organization (IMO) Member States... Read more
NORDEN sells two additional vessels
(Posted on 15/04/25)In line with NORDEN’s strategy to realise asset values, the global provider of ocean-based freight... Read more
ILO delivers on Seafarers Key Worker Rights and fair treatment
(Posted on 15/04/25)The fifth meeting of the Special Tripartite Committee (STC) of the MLC concluded last week with some... Read more
